Stifel analyst Jane Trotsenko downgraded CNX Resources to Hold from Buy with an unchanged price target of $9. While the analyst likes the stock in terms of acreage quality, management, execution, free cash flow and leverage profile, she struggles to justify the valuation. Further, natural gas liquid storage surplus and closed international arbitrage could "put a lid" on further NGL price appreciation near-term, Trotsenko tells investors in a research note.

David Einhorn's Greenlight Capital disclosed in an SEC filing its holdings as of March 31, 2020. The fund's 11 new buys during the first quarter included, by size of position, Change Healthcare (CHNG), Crown Holdings (CCK), Centene (CNC), Altria (MO), and Paychex (PAYX). Greenlight exited seven positions during the quarter, including by size of previous position General Motors (GM), DXC Technology (DXC), Scientific Games (SGMS), EchoStar (SATS), and Tempur Sealy (TPX). The fund increased its stake in three holdings, including CNX Resources (CNX), Brighthouse Financial (BHF), and AerCap Holdings (AER). Greenlight decreased its stake in five holdings, including Chemours (CC), Adient (ADNT), Altice USA (ATUS), Teekay LNG Partners (LGP), and Exela Technologies (XELA). The fund's top holdings as of March 31, in order of size, were Green Brick (GRBK), Brighthouse Financial, AerCap, Change Healthcare, and Chemours.

Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Imax (IMAX) upgraded to Buy from Hold at Benchmark with analyst Eric Wold saying he is encouraged to see Imax's key exhibitor partners taking measures to enhance liquidity, showing a commitment toward new China theater builds and taking steps to gradually reopen U.S. theaters. 2. Quest Diagnostics (DGX) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Ricky Goldwasser stating that while the recent market debate has been centered on the serology testing opportunity, the COVID-19 diagnostic testing opportunity may be twice as high when considering adding testing as part of a pre-elective procedure routine. 3. CNX Resources (CNX) upgraded to Outperform from Underperform at Raymond James with analyst John Freeman citing the company's "strong" free cash flow outlook. 4. Six Flags (SIX) upgraded to Equal Weight from Underweight at Wells Fargo with analyst Timothy Conder believing Six Flags' downside concerns are appropriately discounted. 5. Washington Trust (WASH) upgraded at Compass Point with analyst Laurie Havener Hunsicker stating while bank stocks "will face both real and perceived credit headwinds," Washington Trust will be a standout performer in terms of credit during the COVID-19 crisis. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Raymond James analyst John Freeman double upgraded CNX Resources to Outperform from Underperform with a $17 price target, citing the company's "strong" free cash flow outlook. In a research note to investors, Freeman says CNX started off 2020 on the right food with a 23% EBITDA beat in Q1 and a "well-received" 2021/2021 plan. Adding to this, the company now has a clear line of sight to repaying their upcoming 2022 maturities with free cash flow, minimal NGL/oil production and significant downside protection, he says.

As previously reported, MKM Partners analyst John Gerdes downgraded CNX Resources to Neutral from Buy with a price target of $12, up from $11. The analyst states his 2020 output expectation is at the high end of guidance of 490-530 Bcfe, however assuming $450M in capex next year, his 2021 production forecast is 4% below the company's guidance. Gerdes adds that CNX Resources' hedge protection increases the probability of the company generating substantive free cash flows, but after the rally in the stock price since late March, he sees shares "approximating" fair value.